LA MIRADA, Calif.—February 26, 2015–Ryan Barr and Ryan Bennett, principals of Lee & Associates – North San Diego County and founders of Barr & Bennett Net Leased Investment Group, represented the seller on the $13,900,000 sale of the 24 Hour Fitness Sport facility located at 13395 Beach Boulevard in La Mirada, California. The 40,738-square-foot building was built in 2002 and was the anchor tenant in a shopping center that consisted of CVS, Jack in the Box, Max Muscle and Electric Tan.
The buyer, a local private investor, purchased the property with eight years remaining on its double-net (NN) lease with 24 Hour Fitness and is expected to hold the asset long term for passive income. The property had existing CMBS debt in place that had to be assumed by the buyer.
“The buyer was well acquainted with the property’s location, the strength of the tenant, and liked the minimal amount of management responsibility this investment offered” said Ryan Barr of Lee & Associates – North San Diego County. “We are seeing cap rates continue to compress for LA Fitness and 24 Hour Fitness investments as investors bank on continued growth and longevity within the fitness market” said Bennett.